Nifty Technical Levels and Analysis, Trading Strategies 6th July 2012 Market Outlook. After opening on a shay note, benchmark Nifty it fell to make a low of 5288.85 and then it rose to make an intraday high of 5333.65. At the end of day it closed at 5327.30. It had a net gain of 24.75 points or 0.47% over the previous day’s close. On the sectoral front, some buying interest was witnessed in FMCG, Banking, Power, Auto and Capitalgoods stocks. However Oil & gas, Realty and Metal pack traded marginally lower.
The daily chart of Nifty is showing that it has given a pull back rally of almost 11.80% in last one month. Now we expect this rally to continue to 5400 and a breach of this level is likely to take Nifty higher to 5510 and then 5630 in the short term. However, a breach
of 5190 would indicate the end of current rally and in that case Nifty may further go down to 5040 in the extreme short term. We recommend holding long positions with stop loss of 5190.
On an intra-day basis Nifty has a support at 5280 and is likely to face a stiff resistance near 5350. If Nifty breaks 5280, it may further go down to 5240 and then 5190. However, if it is able to sustain above 5350, the level of 5400 – 5450 would become the next target.
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